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Effects of College Loans Many individuals finish their high school with the intention to further their education in higher learning. With the degree that they plan on pursuing acquire a good-paying job so they can secure their socioeconomic status in the company. Many people are lucky to secure scholarships and have a parent that support them financially though their entire college. Other individuals like myself would be considered the unlucky one and will have to pay all loans from the government. Most individuals have a very difficult time paying off the loans because they do not have a secure permanent well-paying jobs. (Stansbury) “Many higher institutions of learning have come up with; facilitating the increase in the market of qualified graduates.” There are many graduates in the market that have high level qualifications that can be utilized in securing employment in various industries. Therefore, not all the students might have taken loans are likely to secure employment. (Santos) Once former college students secure jobs, they are most likely to be entry-level, and offer a minimal pay which might get finished up in paying their utilities. The amount of payments to be made each month are left to be very high monthly payments. The repayment of college loans on a monthly basis would result in a credit being lowered because of the expected loan repayment amounts that they would be expected to be capable of paying. The credit rating is likely to take a long duration before it would approve; thereby leading to an accumulation of debts for the students. “Therefore, the effect of going to college would be the accumulation of numerous debts for the students.” (Banks) Some individuals might decide to opt out of attending college and instead choose to engage in business though entrepreneurship. There are many businesses whereby individuals would not need a college education to start up and manage. The returns from the business can be utilized in pursuing a degree from an institution of higher learning. Such individuals would not encounter debts as a result of their college education. (Cronin) In conclusion, student loans contribute to most of the people in the country and globe being burdened by repayments which stifles their progress in life. The reason of the phenomenon is education and the issue is huge loans which reflect as a debt that might limit progress for a high number of college scholars.

References

Banks, J. A., &McGee Banks, C.A. Multicultural education: Issues and Perspectives. New York, NY:Routledge : Willy Publishers , 2009. Cronin, J.M. & Bachorz, P.M. \"The Rising of Phoenix, and What It Means for Higher Education.\" BU (2005): 186 (1): 11-21. Santos, F and Eisenhardt,K. \"Constructing Markets and Shaping Boundaries: Entrepreneurial Power in Nascent Fields.\" Academy of Management (2009): 52(4):643-71. Stansbury, Meris. College Presidents Predict 4 New Institutional Models for Higher education. 28 August 2014.